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Shiremoor leasehold conveyancing: Q and A’s

Expecting to sign contracts shortly on a leasehold property in Shiremoor. Conveyancing lawyers have said that they report fully on Monday. Are there areas in the report that I should be focusing on?

The report on title for your leasehold conveyancing in Shiremoor should include some of the following:

  • You must be told what counts as a Nuisance in the lease
  • An explanation as to the provision in the lease to pay service charges - with regard to both the building, and the more general rights a leaseholder has
  • Whether your lease has a provision for a sinking fund?
  • Changes to the flat (alterations and additions)
  • The landlord’s rights to access the flat you be made aware that your landlord has rights of access and I know how much notice s/he must provide.
  • The landlord’s obligations to repair and maintain the building. It is important that you know who is responsible for the repair and maintenance of every part of the building
  • What options are open to you if a neighbour is in violation of a provision in their lease? For details of the information to be contained in your report on your leasehold property in Shiremoor please enquire of your solicitor in ahead of your conveyancing in Shiremoor

    • Last month I purchased a leasehold house in Shiremoor. Am I liable to pay service charges relating to a period prior to my ownership?

    In a situation where the service charge has already been demanded from the previous owner and they have not paid you would not usually be personally liable for the arrears. However, your landlord may still be able to take action to forfeit the lease. A critical element of leasehold conveyancing for your conveyancer to ensure to have an up to date clear service charge receipt before completion of your purchase. If you have a mortgage this is likely to be a requirement of your lender.

    If you purchase part way through an accounting year you may be liable for charges not yet demanded even if they relate to a period prior to your purchase. In such circumstances your conveyancer would normally arrange for the seller to set aside some money to cover their part of the period (usually called a service charge retention).

    I work for a long established estate agent office in Shiremoor where we have witnessed a few leasehold sales derailed due to leases having less than 80 years remaining. I have received inconsistent advice from local Shiremoor conveyancing solicitors. Can you shed some light as to whether the seller of a flat can initiate the lease extension process for the purchaser on completion of the sale?

    As long as the seller has been the owner for at least 2 years it is possible, to serve a Section 42 notice to kick-start the lease extension process and assign the benefit of the notice to the purchaser. This means that the buyer need not have to wait 2 years for a lease extension. Both sets of lawyers will agree to form of assignment. The assignment needs to be completed prior to, or at the same time as completion of the disposal of the property.

    An alternative approach is to agree the lease extension with the freeholder either before or after the sale. If you are informally negotiating there are no rules and so you cannot insist on the landlord agreeing to grant an extension or transferring the benefit of an agreement to the purchaser.

    What are your top tips when it comes to finding a Shiremoor conveyancing firm to deal with our lease extension?

    If you are instructing a conveyancer for lease extension works (regardless if they are a Shiremoor conveyancing practice) it is essential that he or she should be familiar with the legislation and specialises in this area of work. We suggested that you make enquires with two or three firms including non Shiremoor conveyancing practices before you instructing a firm. Where the conveyancing practice is ALEP accredited then so much the better. Some following of questions could be helpful:

    • How experienced is the practice with lease extension legislation?
  • If the firm is not ALEP accredited then why not?

    • Do you have any advice for leasehold conveyancing in Shiremoor from the perspective of expediting the sale process?

    • Much of the delay in leasehold conveyancing in Shiremoor can be bypassed where you appoint lawyers as soon as you market your property and request that they start to put together the leasehold documentation needed by the purchasers’ solicitors.
    • The majority landlords or Management Companies in Shiremoor levy fees for supplying management packs for a leasehold homes. You or your lawyers should find out the actual amount of the charges. The management pack sought on or before finding a buyer, thus reducing delays. The average time it takes to obtain the necessary information is three weeks. It is the most frequent reason for delay in leasehold conveyancing in Shiremoor.
  • If you have carried out any alterations to the residence would they have required Landlord’s permission? In particular have you installed wooden flooring? Most leases in Shiremoor state that internal structural changes or laying down wooden flooring require a licence from the Landlord consenting to such works. Should you dont have the consents to hand you should not contact the landlord without contacting your conveyancer in the first instance.
  • A minority of Shiremoor leases require Landlord’s consent to the sale and approval of the buyers. If this is the case, it would be prudent to notify your estate agents to make sure that the purchasers obtain bank and professional references. The bank reference will need to confirm that the buyers are financially capable of paying the yearly service charge and the actual amount of the service charge should be quoted in the bank’s letter. You will therefore need to provide your estate agents with the service charge figures so that they can pass this information on to the purchasers or their solicitors.
  • If you hold a share in a the freehold, you should ensure that you are holding the original share document. Organising a duplicate share certificate is often a lengthy process and delays many a Shiremoor home move. Where a reissued share is necessary, you should approach the company director and secretary or managing agents (where applicable) for this as soon as possible.

    • I own a 1st floor flat in Shiremoor, conveyancing having been completed 1999. Can you shed any light on how much the price could be for a 90 year extension to my lease? Corresponding flats in Shiremoor with a long lease are worth £176,000. The ground rent is £45 invoiced every year. The lease terminates on 21st October 2083

    With only 58 years left to run we estimate the premium for your lease extension to span between £20,900 and £24,200 as well as legals.

    The figure that we have given is a general guide to costs for renewing a lease, but we are not able to advice on the actual costs without more comprehensive due diligence. You should not use the figures in a Notice of Claim or as an informal offer. There may be other issues that need to be taken into account and clearly you should be as accurate as possible in your negotiations. You should not take any other action based on this information without first seeking the advice of a professional.

    Other Topics

    Lease Extensions in Shiremoor